May 28, 2016
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Mortgage Refinance
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When is it a good time to refinance your mortgage? If your existing mortgage rate is higher than the current rate for your credit score and mortgage type, you need to explore it. Would you like to lower your mortgage payment to make your house more affordable? Are you considering updates to a kitchen or a bathroom, and want to get some extra cash to afford them?

Refinance Now with Lendingtree! Before you stop off at the local bank to discuss home refinancing you should consider comparing refinance options online. Just visiting your local bank won't give you your best rate, which means you'll pay more. Refinancing your home through an online mortgage refinance company lets you quickly find the best rate given your credit worthiness, loan size and type.

The best refinance companies allow several banks to compete for your loan, in order to provide you the lowest mortgage payment. They save you the hassle of calling several banks and lending institutions, and completing multiple refinance applications.

But not all online mortgage refinance brokers are the same. Before you start your search you should consider the following:

  • Number of Lenders.  How many banks and lenders does the company work with to find you the best rate? The larger the number, the more likely you'll receive the best rate.
  • Best Mortgage Refinance Companies
  • Application process.  What is the process of gathering the information needed to begin the mortgage search?
  • Timeliness.  Are you going to have to wait for a call to discuss all of the necessary details, or will the online application expedite the process and provide you the details you're looking for? has reviewed and ranked the best online mortgage refinance providers available today. We hope these reviews help you as you decide to refinance your mortgage!

Disclosure: We pay our reviewers for their reviews. We are not compensated by companies for their reviews, but we are compensated for links and advertisements on our website. Click here for details.


Mortgage Refinance Reviews

5 stars
Lending Tree

LENDING Best-In-Class Blue Ribbon Award

In business since 1996, Lending Tree has built a superior website that streamline the refinance process. The number of lender relationships, the helpful tools, the professionalism and additional services all make Lending Tree stand ahead of their competition. Read More... Visit

4 stars
Quicken Loans


Quicken Loans has a history of closing loans fast. Many loans close between 2-4 weeks, and are much quicker than the majority of lenders. We would have liked to have seen more information provided online, but we appreciate the solid reputation and excellent customer service at Quicken Loans. Read More... Visit

3 stars
The Easy Loan Site


The Easy Loan Site is designed to match prospective clients with various mortgage refinance lenders. The process of searching for potential is straightforward but the website lacks all the bells and whistles that the higher ranked companies provide. Read More... Visit

3 stars
Loan App


In business since 1992, Loan App matches customers with up to 4 lenders to help meet their personal refinance needs. The Loan App website was missing important information about the company, the refinance process, the lender network and any associated fees. Read More... Visit

2 stars
Rate Marketplace


Rate Marketplace promises to match loan refinance companies with borrowers. However, what we found was that they simply sent us on to other mortgage referral companies. We felt this was both frustrating and a waste of our time. For those seeking assistance finding a competitive refinance loan, we recommend you choose a higher rated company on our list. Read More... Visit

1.5 stars
Mortgage Search 123


Mortgage Search 123 lacked the necessary credentials and information we were looking for to become comfortable with providing them any of our personal information. We also didn't like that their only focus was on saving homes from foreclosure. Read More... Visit

1 star
Lower My Bills


Lower My Bills left us disappointed with the results their website provided. After taking the time to complete personal information regarding our mortgage, employment history and more we received four links to more websites where we had to start the inquiry process all over. Lower My Bills left us in the dark and wondering what they did with our personal information. Read More... Visit

Tips on Refinancing Your Mortgage

Record low interest rates are pushing people to consider refinancing their home mortgages. There are several reasons to consider refinancing your home.

  • Lower your interest rate. With decreasing interest rates, you can lower your monthly payment and the amount you pay in interest over time on the amount of your mortgage. Once you refinance, it's easy to want to refinance every time the interest rates drop. However, by doing so, in the long run you will end up paying more in closing costs. Consider only financing when you can save 2 percent or more in interest.
  • Get a different type of loan. Your current mortgage may no longer be suitable or financially viable. For instance, if you currently have an Adjustable Rate Mortgage (ARM), you may want to switch to a Fixed Rate Mortgage to lock in low interest rates.
  • Rid yourself of a balloon payment. If your current mortgage requires payment of a large balloon payment at the end of a specified period of time, you may want to refinance and negotiate a different type of loan so that you're no longer required to pay a balloon payment.
  • Consolidate debt. With record low interest rates, now is an excellent time to refinance your mortgage and consolidate some of your other debt into a home loan with a lower interest. Other types of debt such as car loans, credit card bills and school tuitions, typically have higher interest rates than home mortgages. These, as well as other types of debt, can be rolled into your home mortgage allowing you to take advantage of the lower interest rates than what these loans have.
  • Cash in on home equity. You may want to refinance in order to get cash out of your home equity for large expenditures such as a child's college tuition, home remodeling projects or a new car purchase.

Homeowners may face many challenges in the refinancing process. Low credit scores and depreciating property values can keep you from getting the refinancing you desire.

Also, there are times when it is best not to refinance. For example, if you anticipate moving or selling your house before you experience significant savings from refinancing then it might not be the best time to refinance. On the same note, if you've paid into a 30-year mortgage for 15 years or more, and you're considering refinancing into another 30-year mortgage, refinancing may not be the right answer as this option may end up costing you more in the end.

Refinancing your mortgage can save you money. Be sure it's the right option for you by researching terms and interest rates online before you sign on the dotted line.




2016 Mortgage Refinance Forecast Boosted $50 Bil

The overall outlook for this year's U.S. mortgage originations improved as forecasted refinance production increased by $50 billion. Total residential originations, including refinances and purchase financing, are expected to amount to $510 billion in the ...

Published:  Fri, 13 May 2016 16:12:56 GMT

TransUnion: Consumers show surprising behavior before obtaining mortgages

A recent study by TransUnion shows consumers with prime or better credit status, about 85 to 90% of homebuyers, are 2 to 3 times more likely to open a new auto loan or credit card account within 12 months of obtaining a new mortgage. The study looked at 16 ...

Published:  Wed, 25 May 2016 21:21:00 GMT

Mortgages rise on possibility of Fed rate hike

"Waiting is a bit of a dangerous game," Carson suggests. "And you don't really have that option if you're purchasing because you're beholden to your contract and the timeline set out in that contract." RATE SEARCH: Shop today for a mortgage refinance.

Published:  Thu, 26 May 2016 03:22:00 GMT

Fed Govt, board to make home ownership a reality

Dr. Fika spoke at a meeting between the Board and the management of Nigeria Mortgage Refinance Company (NMRC). The institutions entered into a partnership to ease the difficulty in accessing mortgages by staffs of Ministries, Departments Agencies (MDAs ...

Published:  Mon, 16 May 2016 16:17:00 GMT

Mortgage refinance tax deductions for 2016

All mortgages benefit you tax wise via the interest that is paid on the loan. Mortgage interest is tax deductible if you meet the criteria's listed below: 1. The loan is for your primary residence or a second home that is not rented 2. Your home secures ...

Published:  Wed, 09 Dec 2015 03:27:00 GMT

Quick Hacks: Refinancing Your Home Loan

The Australians are becoming a savvy bunch. In 2016 the mortgage refinance market is expected to grow 30% compared to 2015. Consumer's willingness to put loyalty on the back burner have resulted in some fierce competition among the banks, credit ...

Published:  Fri, 20 May 2016 05:08:00 GMT

Taxes: Deduct points on a mortgage refinance?

In this Thursday, Jan. 9, 2014, photo, a for sale sign is placed in front of a house in Mount Lebanon, Pa. (Photo: Gene J. Puskar AP) With the April 15 tax deadline fast approaching, you probably have questions. Fortunately, we have answers. Every day ...

Published:  Sun, 23 Mar 2014 00:33:00 GMT

AfDB Approves a Partial Credit Guarantee to Tanzania Mortgage Refinance Company

The African Development Bank Group's (AfDB) Board of Directors, on May 5, 2016 approved a Partial Credit Guarantee (PCG) of up to US $4 million in local currency to Tanzania Mortgage Refinance Company (TMRC). The Partial Credit Guarantee (PCG) will support ...

Published:  Mon, 09 May 2016 03:12:00 GMT




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